AICPA NATIONAL ISSUES

Members of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) have overwhelmingly approved a proposal to create a new, international accounting association that will integrate operations of both organizations, while preserving the existing membership bodies.

The new association will represent more than 600,000 current and future accounting professionals and will raise the profile of public and management accounting in the U.S. and abroad. It will enhance resources, provide more market insights and have a stronger advocacy voice.

AICPA members will get these benefits and automatic dual membership in the AICPA and new association as part of their regular AICPA dues, which will continue to be set and adjusted in line with historic norms. The AICPA will continue its strong partnership with state societies to promote, protect and grow the CPA.

“With the expansion of our joint venture with CIMA, we have the power of a 600,000-member global organization with a strategic partner overseas. It provides great value and a robust credential for our members in private industry and raises the caliber of the entire profession,” explains William Pirolli who was appointed to the national association’s Board of Directors in 2015. Pirolli is a partner at DiSanto, Priest & Co. concentrating in strategic financial and tax planning.

Voting concluded in separate AICPA and CIMA membership ballots on June 16th and a super majority of members who voted from both organizations endorsed the proposal. The AICPA ballot passed 86.5 percent to 13.5 percent, according to independent tabulator Survey and Ballot Systems. CIMA members endorsed the proposal 89.7 percent to 10.3 percent, according to their independent tabulator Electoral Reform Services.

“We are excited about crafting a path forward that reflects how the world is changing. At the same time, we will be extraordinarily mindful of protecting our collective history and the strong reputation both organizations have built over the past century. This is about building on what is great – and addressing an exciting evolving world,” said Barry Melancon, AICPA President and CEO.

Fifty-two state CPA societies passed resolutions in support of the member ballot proposal, including Rhode Island which welcomed the vote outcome.

“This is an important milestone for the profession, one that will ultimately benefit the accountants of today and tomorrow as they navigate accelerating complexity and change,” said Bob Mancini, President of the Rhode Island Society of CPAs. “I want to thank all the members of Rhode Island who took the time to evaluate this proposal and vote. The accounting profession here, across the country and around the world will be stronger because of the diverse input and insights shared during this process.”

The new association is expected to launch in 2017. Additional details will be provided as they become available in the coming months.